Agility Robotics, the Oregon-based company building humanoid robots for warehouse and logistics work, is merging with Churchill Capital Corp XI to become a publicly traded company. The deal values Agility at $2.5 billion pre-money, making it one of the largest robotics SPACs to date.

The merger, announced on June 24, is expected to generate over $600 million in gross proceeds. That breaks down to $420 million from the SPAC’s trust account plus more than $200 million from a private investment in public equity financing led by Foxconn, which was already an existing investor in Agility.

The deal structure and what Agility is building

Churchill Capital Corp XI trades on NASDAQ under the ticker CCXI and is backed by Michael Klein. After the merger closes, Agility will trade under the ticker AGLT on a major North American exchange.

The $2.5 billion valuation represents roughly a 19% increase from Agility’s last private funding round.

Agility has nearly 100 of its Digit robots deployed in real-world settings. The company counts Amazon, Toyota, and NVIDIA among its partners.

Digit, Agility’s flagship humanoid robot, is designed to work in spaces built for people. Think warehouses, distribution centers, and logistics hubs where the infrastructure assumes human-shaped workers. Rather than redesigning entire facilities for traditional industrial robots, Digit slots into existing workflows.

Why Foxconn’s involvement matters

Foxconn leading the PIPE financing is not a throwaway detail. The Taiwanese manufacturing giant is the world’s largest contract electronics manufacturer, responsible for assembling iPhones and a growing list of EVs.

The over $200 million PIPE commitment also helps de-risk the deal for public market investors. Having a committed institutional investor like Foxconn anchoring the capital raise provides a financial cushion regardless of how retail SPAC holders behave at the redemption deadline.

What this means for investors

With nearly 100 robots deployed, investors will quickly want to see that number scale dramatically. The over $600 million in expected proceeds gives the company runway.

Amazon’s involvement is particularly significant given the e-commerce giant’s massive warehouse network and its well-documented push toward automation.

Investors eyeing AGLT post-merger should watch two metrics closely: unit deployment growth and the conversion rate of pilot partnerships into recurring commercial contracts.